A government official from Vietnam has stated that cryptocurrencies are not prohibited. However, the country urgently needs to establish a legal framework to regulate their use, the official said. The Finance Ministry has been tasked with drafting a framework to govern crypto assets, which is due for completion by May 2025.
Cryptocurrencies Not Banned, Vietnam Requires Legal Framework for Regulation — Govt Official
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Finance Ministry Directed to Develop Cryptocurrency Regulation Framework
An official from Vietnam’s Ministry of Justice has stated that while cryptocurrencies are not banned, a legal framework to regulate them needs to be established. Cao Dang Dinh, the deputy head of the ministry’s Civil Law Department, emphasized that this framework needs to be created as soon as possible.
According to a report by VN Express, Vietnam has since directed its central bank to study methods of ensuring cryptocurrencies are not used for money laundering. Additionally, the Finance Ministry has been assigned the task of drafting a framework governing crypto assets, which must be completed by May 2025.
Vietnam is already among the countries with a high proportion of residents owning cryptocurrency. Dinh stated that the need for a legal framework is now even more urgent because these assets carry “high risks that can be easily exploited.”
As previously reported by Bitcoin.com News, the Vietnamese Finance Ministry has been studying crypto assets over the past few years. In 2021, the ministry commissioned a research group to learn about crypto assets and propose legislative reform for the industry.
The research group’s mandate also included recommending tools for Vietnamese supervisory bodies, such as the power to issue, suspend or revoke licenses. The group was tasked with recommending the regulation of business practices and reporting suspicious activities.
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